Karachi: Atlas Battery Limited announced its half-year financial results for the period ending December 31, 2024, revealing a significant decline in profitability compared to the previous year. The financial disclosure, made on February 25, 2025, during a Board of Directors meeting in Karachi, highlighted a series of figures indicating financial challenges for the company.

The company's net sales for the half-year period stood at 17.01 billion rupees, a decrease from 18.13 billion rupees reported for the same period in 2023. The cost of sales also saw a reduction, recorded at 14.92 billion rupees for 2024, compared to 15.88 billion rupees in 2023. This adjustment resulted in a gross profit of 2.09 billion rupees, slightly down from the 2.25 billion rupees seen in the previous year.

Despite a reduction in some operational costs, including administrative expenses, which were 313.75 million rupees compared to 279.96 million rupees in 2023, the company's overall profitability was affected by increased levies. The levies for the half-year period rose to 87.66 million rupees from 34.64 million rupees in 2023, contributing to a loss before income tax of 33.49 million rupees, a stark contrast to the 42.81 million rupees profit recorded in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the company's current tax, including super tax, was 176.64 million rupees, down from 260.20 million rupees in the previous year. The net result was a loss of 59.18 million rupees for the half-year period, compared to a profit of 10.54 million rupees in 2023.

Atlas Battery's Board of Directors decided against declaring any cash dividend, bonus shares, or right shares for the period. The comprehensive income for the period matched the net profit, with no additional other comprehensive income reported.

The financial results underscore the challenges faced by Atlas Battery Limited in maintaining profitability amidst fluctuating sales and increased levies. The company has committed to submitting its half-yearly report through PUCARS within the stipulated timeframe, as part of its regulatory obligations in the designated market category.